Unlike last year’s big Companies Act 2014, which was driven by the statutory Company Law Review Group, the forthcoming new Companies Accounting Bill 2015 is being driven by Europe.
Its EU directive 2013/34/EU of 26th June 2013 on the annual financial statements and consolidated financial statements and replaces the existing Fourth Directive on annual accounts and the Seventh Directive on consolidated accounts.
However, it’s impossible to introduce over 1448 sections of new law in the Companies Act 2014 without some glitches appearing and the new Companies Bill 2015 will make a number of changes to the Big Act.
Small companies appear set to apply for audit exemption once their annual turnover is less than €12 million and balance sheet below €6 million.
The new Companies Accounting Bill 2015 is comprised of over 50 sections of new law and will change the citation to the Companies Act 2014 to 2015 or 2016!